With the free agent frenzy quieting down and the first wave in the rear-view mirror, here’s how I grade all 32 teams based on what they’ve done thus far…

Arizona Cardinals: A-

Jared Veldheer came at a fairly reasonable price for a potential long-term franchise left tackle. Karlos Dansby got away but he’ll turn 33 this year and is being overpaid. They’ve also added plenty of depth for a team that didn’t have a ton of money entering the new league year.

Atlanta Falcons: A

They wanted to bolster the trenches and they did exactly that with Tyson Jackson, Jon Asamoah and Paul Soliai. They’ve also yet to lose a single player.

Baltimore Ravens: C

Arthur Jones and Corey Graham are gone and they haven’t signed anyone from the outside. Surprising considering they aren’t in cap hell this year.

Buffalo Bills: C+

Chris Williams and Corey Graham are quality signings, but losing Jairus Byrd holds them back. He was one of their three best players.

Carolina Panthers: D+

Damn, they had so much momentum after a great 2013 season, but now they’ve had to wave goodbye to Steve Smith, Mike Mitchell and Captain Munnerlyn. With limited cap space, they’ve taken a step backward.

Chicago Bears: B-

Lamarr Houston is better than Julius Peppers, but why aren’t they trying harder to get Henry Melton back? Cap space is a bit limited, so let’s settle for a neutral grade.

Cincinnati Bengals: D

I understand letting Anthony Collins go because they’ve got two good tackles but it’s unfortunate that a team with $30 million in cap space let Michael Johnson escape and has signed nobody from the outside.

Cleveland Browns: C-

Karlos Dansby was quite expensive for an old man and D’Qwell Jackson and T.J. Ward are gone. Could be doing a lot more with over $40 million in cap space.

Dallas Cowboys: C-

They get a poor grade for putting themselves in a situation in which they have no money to keep their good free agents.

Denver Broncos: A

They won’t miss Eric Decker, Dominique Rodgers-Cromartie and Zane Beadles close to as much as they’ll enjoy Aqib Talib, DeMarcus Ware and T.J. Ward.

Detroit Lions: A-

Tight on cap space, but they haven’t had any big losses and Golden Tate is an intriguing signing to help the offense.

Green Bay Packers: A-

Same old Packers doing their own thing. Mike Neal, Andrew Quarless and Sam Shields are back. If they can re-sign Evan Dietrich-Smith, they’re set.

Houston Texans: D

They have money and holes, but they’re on the sideline. With Earl Mitchell gone, it’s been tough.

Indianapolis Colts: C+

So much to spend but they let Antoine Bethea go and lost Donald Brown. Points awarded, though, for bringing in Arthur Jones and D’Qwell Jackson to help the run defense, while also re-signing Vontae Davis.

Jacksonville Jaguars: B+

Loving the Super Bowl guys with Zane Beadles, Chris Clemons and Red Bryant. Ziggy Hood also beefs up the line and they found a way to get rid of Blaine Gabbert.

Kansas City Chiefs: D-

Extremely tough first week for the somewhat cap-strapped Chiefs, who lost Branden Albert, Jeff Linkenbach, Geoff Schwartz, Dexter McCluster, Jon Asamoah and Tyson Jackson in the first three days.

Miami Dolphins: B

They grabbed Mitchell and Albert while keeping Brent Grimes and Randy Starks. Jury’s still out, though, on Chris Clemons. And Nolan Carroll and Paul Soliai are goners.

Minnesota Vikings: A

Munnerlyn and Linval Joseph can really help the defense in the short- and long-term. And kudos to them for moving on from Jared Allen. This is free agency done right.

New England Patriots: A+

They upgrade big-time on Talib with Darrelle Revis and on Steve Gregory with Brandon Browner.

New Orleans Saints: B-

The Byrd signing is fantastic and Jimmy Graham will be back, but they lost a lot of talent on both sides of the ball in order to make those moves work.

New York Giants: A

Joseph should be replaceable. Rashad Jennings, Geoff Schwartz and J.D. Walton were good signings to bolster Eli Manning’s support system and it was time to move on from Justin Tuck. Great start to the offseason.

New York Jets: C-

Eric Decker’s a good player, but is he worth that? I also don’t like the loss of Austin Howard and subtract points for the whiff on Revis.

Oakland Raiders: F

A four-win team acting like they don’t need to get better. So much cap space and they let their top free agents (Jennings, Houston and Veldheer) walk before blowing it with Rodger Saffold. I don’t even like the Justin Tuck signing.

Philadelphia Eagles: A

They took care of all of their business like bosses before free agency and got even better with Darren Sproles and Nolan Carroll. Not sure, though, about that Malcolm Jenkins signing.

Pittsburgh Steelers: B

Seriously, that Mike Mitchell signing was sweet. And they haven’t lost many key guys for a team with no cap space.

San Diego Chargers: B-

Neutral grade for a team that has limited funds but hasn’t gained or lost anyone of major consequence.

San Francisco 49ers: B

Bethea in place of Donte Whitner is no big deal. A good team has lost nobody else.

Seattle Seahawks: C

They lost some depth guys and might miss Golden Tate, Red Bryant and Chris Clemons. Surprised they haven’t done more with the cap space they have.

St. Louis Rams: C+

Decent amount of cap space but they haven’t done anything. Good thing they have two solid first-round draft picks.

Tampa Bay Buccaneers: A

Another very busy offseason. I’m cool with replacing the Revis headache with Alterraun Verner, and I like the addition of Anthony Collins, Michael Johnson and Clinton McDonald.

Tennessee Titans: C-

They needed a splash, but nothing. And no replacement for Verner.

Washington Redskins: C+

So many holes and finally some cap space…and all they do is sign a bunch of depth guys along with the overrated Tracy Porter? They saved some face with Jason Hatcher, who could help the defense immensely.

About Brad Gagnon

Brad Gagnon has been passionate about both sports and mass media since he was in diapers -- a passion that won't die until he's in them again. Based in Toronto, he's worked as a national NFL blog editor at theScore.com, a producer and writer at theScore Television Network and a host, reporter and play-by-play voice at Rogers TV. His work has also appeared at CBSSports.com, Deadspin, FoxSports.com, The Guardian, The Hockey News and elsewhere at Comeback Media, but his day gig has him covering the NFL nationally for Bleacher Report.